Laws of ICO and Cryptocurrency has been submitted to the Russian Legislature

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The Russian Legislature has been approached to make laws of ICO and Cryptocurrency

Two bills that are related to cryptocurrencies and ICOs have been submitted to the house of Russia‚Äôs legislature. The move comes after the country’s Ministry of Finance and central bank recently agreed on the topic of whether digital currency should be allowed as general or only in the context of ICOs.

A team of officials, managed by State Duma’s Financial Markets Committee chairman Anatoly Aksakov, submitted two cryptocurrency-related bills to Russia’s legislature in March 20. The laws are titled as “On Digital Financial Assets” and “On Alternative Ways of Crowdfunding.”

The finance ministry had already declared an earlier draft of the latter law on its website in January 2018 and mentioned that the central bank took objection to a provision that would let decentralized cryptocurrencies to be traded on exchanges for other digital currencies as well as for fiat currency. The bank contended that such swaps should only be allowed in the case of investors investing in ICOs.

At the same time, the ministry had claimed that by putting such narrow limits on legitimate cryptocurrency trading, the government would be encouraging criminal organizations to use the technology.

According to the recent reports, Deputy Finance Minister Alexei Moiseev reported that the disagreement had been decreased over, according to an article from the state-operated news agency RIA Novosti. He told that he would leave it to the central bank to tell the public what kind of determination had been accomplished.

The major differences between the two versions of the ICO bill seem to be minor, and the submitted version still allows to trade cryptocurrencies through exchanges. Both versions call for exchange operators to register with the central bank.

Suzat Fernandes

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